UK’s Smarter Web Company adds $24.7M in Bitcoin, now holds 773 BTC
United Kingdom-based web design and marketing firm The Smarter Web Company expanded its Bitcoin treasury, purchasing an additional 230.05 BTC for 17.97 million British pounds ($24.7 million) at an average price of $107,126 per coin.The London-listed firm now holds 773.58 BTC acquired at an average price of $107,015, bringing its total Bitcoin (BTC) investment to over $82.6 million, according to a filing on Tuesday.The purchase is part of Smarter Web’s “10 Year Plan,” a strategy launched in April to drive transparent growth through a Digital Assets Treasury Policy that focuses on Bitcoin accumulation to support “longer-term business value.”The company said it still has about $52.3 million in cash to deploy for Bitcoin buys.Smarter Web raises $62 millionThe filing also detailed recent fundraising efforts that netted about $62 million from subscriptions and accelerated bookbuilds. These moves diluted existing shareholders’ stakes by 9%.The update also disclosed current shareholdings for key directors following the fundraising, with CEO Andrew Webley and his family holding around 11.3% of the company.Smarter Web began accepting Bitcoin as payments in 2023. “The Company believes that Bitcoin forms a core part of the future of the global financial system and as the Company explores opportunities through organic growth and corporate acquisitions,” the filing reads.UK-based companies race to buy BitcoinSmarter Web’s recent purchase comes as UK-listed firms are piling into Bitcoin. Over the past week, at least nine small-cap companies on exchanges like Aquis have either announced Bitcoin purchases or plans to add the cryptocurrency to their treasuries.These include AI services group Tao Alpha, which plans to raise $137 million after unveiling a Bitcoin strategy, and Smarter Web Company, which purchased 196 Bitcoin to add to its growing holdings.Furthermore, Panther Metals revealed it bought a single Bitcoin. Bluebird Mining Ventures secured $2.7 million to purchase Bitcoin, while Vinanz attracted $5 million in funding from investors.